PORTFOLIO SALE - LoopNet...Gramercy Park remains one of the most affluent neighborhoods in New York City, as it is still a top destination for residents and businesses. 320 2nd Avenue

PORTFOLIO SALE

CAP RATE: 3.0%TOTAL BUILDING SQ. FT: 16,850 SQ. FT

TOTAL BUILDABLE SQ. FT: 30,267 SQ. FTREMAINING BUILDABLE SQ. FT: 13,417 SQ. FT

3 2 0 2 N D AVE 110 WEST 15 TH ST 1 8 9 E AS T 7 T H S T

G R A M E R C Y6 - FA M I LY

C H E L S E A 4 - FA M I LY

E A S T V I L L A G E1 - FA M I LY

1

$24,000,000

ta b l e o f c o n t e n t s

320 2nd Avenue Gramercy 03

320 2nd Avenue Floor Plan

Sales Analysis

• As-Is

• Projected Rental Income

• Projected Development

Neighborhood Description

04

05

06

0708

Sales Analysis

• As-Is

189 East 7th Street Floor Plan


161718

189 East 7th Street 15

110 West 15th Street Floor Plan

Sales Analysis

• As-Is

• Projected Rental Income

• Projected Condo Development


10

11

12

13

14

110 West 15th Street 09

B u i l d i n g Ty p eF l o o r sB u i l d i n g D i m e n s i o n sYe a r B u i l tTo t a l S q u a re Fo o t a g e

Z o n i n gA c t u a l FA RPo t e n t i a l FA R

L o t D i m e n s i o n sL o t A re aA c re s

6 - Fa m i l y52 2 ’ X 7 5 ’1 9 2 08 , 2 5 0 S q . F t .

R 9 A3 . 2 47 . 5 2

2 1 . 6 7 ’ X 1 0 0 ’2 , 1 6 7 S q . F t .0 . 0 5 A c re s

320 2ND AVENUE GRAMERCYThis 5-story, 6-unit building has tremendous opportunity. The property presents a 21.67’ X 100’ lot with a maximum FAR of 7.52. Current FAR stand at of 3.24, with a total buildable of approx. 13,652 Square Feet. Situated R9A Zoning.

Encompassing all 5 floors, the total monthly rent is currently $11,250. The potential gross monthly rent is $27,750, with pontential gross annual rent of $333,000.* Total current expenses (taxes, plumbing, electric, etc.): $65,117. The building’s plumbing, electrical, and units have been updated. The building will be delivered vacant.

Gramercy Park remains one of the most affluent neighborhoods in New York City, as it is still a top destination for residents and businesses. 320 2nd Avenue presents the rare and unique opportunity for investors or interested parties to make their mark on the iconic city.

3320 2nd Avenue Gramercy

320 2ND AVENUE FLOOR PLAN

4 320 2nd Avenue Floor Plan

S U M M A R YPotential Gross Income

Current Expenses

N E T O P E R A T I N G I N C O M E

$333,000

$65,117

$267,883

assuming renovated apartments *

C U R R E N T E X P E N S E SRE Taxes

Water / Sewer

Heat & Electrical

Insurance

$49,311

$6,029

$6,277

$3,500

T O T A L $65,117

U N I T # B E D | B A T H M O N T H L Y R E N T

C U R R E N TY E A R L Y R E N T

C U R R E N TR E N T *

P O T E N T I A L I N C O M E

2nd Floor

3rd Floor

4th Floor

5th Floor

**Rent Stabilized

Owner

Rented

Rented

Beds | 1 Bath 2

Beds | 1.5 Baths 2

Beds | 1.5 Baths 3

Beds | 1.5 Baths 3

Owner

Owner

$2,750

$3,000

$33,000

$36,000

T O T A L G R O S S I N C O M E $11,250 $27,750 $333,000

1st Floor Front Half

Rear Half & Patio

Studio | 1 Bath

Bed | 1 Bath 1

$350

Owner

$5,000

$5,900

$5,000

$5,000

$6,000

$6,000

$60,000

$60,000

$72,000

$72,000

AS IS

5Sales Analysis

PROJECTED NEW RENTAL INCOME

F L O O R U N I T B E D | B A T H S Q . F T . * P O T E N T I A LY E A R L Y R E N T

P O T E N T I A L M O N T H L Y R E N T


2A

2B

3A

3B

4A

4B

5A

5B

6A

6B

7A

7B

8A

8B

9A

9B

Retail 1,220 Sq. Ft. $15,250 $183,000

T O T A L Y E A R L Y I N C O M E $951,000 $79,250

1

2

3

4

5

6

7

8

9

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

2 Beds | 1 Bath

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

610 Sq. Ft.

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$4,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

$48,000

C A P I T A L I Z E D @ 3 . 0 0 % $ 2 7, 4 0 0 , 0 0 0

alloting the remaining square footage towards common space *

P O T E N T I A L E X P E N S E SRE Taxes

Water / Sewer

Common Electric

Insurance

T O T A L $129,622

$98,622

$15,000

$1,000

$15,000


Potential Expenses


$951,000

$129,622

$821,378

6 Sales Analysis

$951,000

$129,622

alloting the remaining square footage towards common space * average sold psf for similar condo buildings **

T O T A L P R O F I T ( A P P R O X . ) $11,634,000

T O T A L S E L L O U T $25,634,000

Cost of Land

Cost of Construction (@ $400 psf)

$8,500,000

$5,500,000

Retail 1,220 Sq. Ft. $1,700

$2,812,000

$2,850,000

$2,888,000

$2,926,000

$2,964,000

$3,002,000

$3,040,000

$3,078,000

$2,074,000

T O T A L S E L L O U T $25,634,000

4 Beds | 3 Baths

4 Beds | 3 Baths

4 Beds | 3 Baths

4 Beds | 3 Baths

4 Beds | 3 Baths

4 Beds | 3 Baths

4 Beds | 3 Baths

4 Beds | 3 Baths

1,520 Sq. Ft.

1,520 Sq. Ft.

1,520 Sq. Ft.

1,520 Sq. Ft.

1,520 Sq. Ft.

1,520 Sq. Ft.

1,520 Sq. Ft.

1,520 Sq. Ft.

$1,850

$1,875

$1,900

$1,925

$1,950

$1,975

$2,000

$2,025

F L O O R B E D | B A T H S Q . F T . * P R I C E P E R S Q . F T . * *

E S T I M A T E DV A L U E

Lobby

2

3

4

5

6

7

8

9


PROJECTED DEVELOPMENT

Sales Analysis 7

GRAMERCY NEIGHBORHOOD Since the 1800s, Gramercy has consistently been one of New York

City’s finest and most desirable neighborhoods. Home to great

influencers like Theodore Roosevelt, Oscar Wilde, and James

Cagney, this community provides a unique, small town feel while

still being centrally located in the heart of Manhattan. Gramercy

residents are a grouping of longtime homeowners with newcomers

to the area looking for a stunning, serene place to call home. When

out of house, Gramercy residents can walk to New York hot spots

such as Eleven Madison Park, the Nation Arts Club, Spin New York,

and The Gramercy Park Hotel. When it’s time for work, Gramercy

professionals have access to anywhere they need to commute to

with the 4, 5, 6, N, Q, R, and L trains right in walking distance.

There is a reason this neighborhood has stood the tests of time

and remained an elite New York neighborhood.

Closest Schools: District 2 P.S. 40 and JHS Simon Baruch

Gramercy Land Marks: Eleven Madison Park, Gramercy Park and

Gramercy Park Hotel, The National Arts Club, Irving Plaza, The

Players Club, Pete’s Tavern, Theodore Roosevelt’s Birthplace, Spin

New York, Casa Mono

Nearest whole foods: 4 Union Square South

8 About Gramercy




4 - Fa m i l y52 0 ’ X 5 0 ’1 8 9 05 , 2 0 0 S q . F t .

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2 0 ’ X 8 3 . 2 5 ’1 , 6 6 5 S q . F t .0 . 0 4 A c re s

110 WEST 15TH STREET CHELSEASituated along a tranquil tree-lined block, 110 W 15th Street is a rarely available, semi-detached 20-foot townhouse located in the heart of Chelsea.

Upon entering, one is immersed in the homes quaint charm. Having been updated and meticulously maintained, this townhouse exudes charm and stands in a class of its own.

The first floor features an open great room with floor-to-ceiling windows and approx. 11.5' ceilings. This sun-drenched south-facing space contains transparent French doors that lead to an immaculate garden. Adjacent is an open kitchen that has been updated with the finest stainless steel appliances from Miele dishwasher to a Bertazzoni Italia range. The lower level consists of 2 full bedrooms and 2 full bathrooms complete with a washer/dryer. Another set of French doors grants direct access to a private oasis garden.

110 West 15th Street Chelsea 9

110 WEST 15TH STREETFLOOR PLAN

2

3A C

B D

6N Q

21

R

E

54W

F M

110 WEST 15TH STREET

W 17th ST

W 18th ST

W 19th ST

W 20th ST

W 21th ST

W 22nd ST

W 11th ST

W 12th ST

W 13th ST

W 14th ST

W 15th ST

W 16th ST

8th

Ave

nue

7th

Ave

nue

6th

Ave

nue

5th

Ave

nue

M20

M20

M5

M5

M7

M1M

2 M

3

M14A

M14D

UN

ION

SQU

ARE

PA

RK

10 110 West 15th Street Floor Plan



C U R R E N T R E N T *


C U R R E N T E X P E N S E S

S U M M A R Y

Apt 1

Apt 2

Apt 3

Apt 4

Owner Duplex

Rented

Rented

Rented

Beds | 2 Baths 2

Beds | 1 Bath 2

Beds | 1 Bath 2

Beds | 1 Bath 2


RE Taxes

Water / Sewer

Heat & Electrical

Insurance

$52,193

$1,718

$3,673

$3,816

T O T A L $61,400

Potential Gross Income

Current Expenses


$306,000

$61,400

$244,600


Owner

$5,225

$4,820

$4,620

$9,000

$5,500

$5,500

$5,500

$108,000

$66,000

$66,000

$66,000

AS IS

Sales Analysis 11

C A P I T A L I Z E D @ 3 . 0 0 % $ 2 1 , 0 0 0 , 0 0 0

F L O O R U N I T B E D | B A T H S Q . F T . * P O T E N T I A LY E A R L Y R E N T

P O T E N T I A L M O N T H L Y R E N T

Apt 1

Apt 2

Apt 3

Apt 4

Apt 5

Apt 6

Apt 7

Apt 8

Apt 9

2

3

4

5

6

7

8

9

10

Retail1 750 Sq. Ft. $15,000

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

$ 5,500

$ 5,500

$ 5,500

$ 5,500

$ 5,500

$ 5,500

$ 5,500

$ 5,500

$ 5,500

$180,000

$66,000

$66,000

$66,000

$66,000

$66,000

$66,000

$66,000

$66,000

$66,000

T O T A L Y E A R L Y I N C O M E $774,000 $64,500

P O T E N T I A L E X P E N S E SRE Taxes

Water / Sewer

Common Electric

Insurance

T O T A L $135,389

$104,389

$15,000

$1,000

$15,000


Potential Expenses


$774,000

$135,389

$638,611


PROJECTED NEW RENTAL INCOME12 Sales Analysis

$774,000

$135,389

$638,611

alloting the remaining square footage towards common space** * average sold psf for similar condo buildings **

$22,500,000

T O T A L P R O F I T ( A P P R O X . ) $8,000,000

T O T A L S E L L O U T

$ 2,100,000

$ 2,150,000

$ 2,200,000

$ 2,250,000

$ 2,300,000

$ 2,350,000

$ 2,400,000

$ 2,450,000

$ 2,500,000

$22,500,000

Cost of Land

Cost of Construction (@ $450 psf)

$10,000,000

$4,500,000

$ 1,800,000

E S T I M A T E DV A L U E

$1,800

$2,100

$2,150

$2,200

$2,250

$2,300

$2,350

$2,400

$2,450

$2,500

P R I C E P E R S Q . F T . * *

750 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

1,000 Sq. Ft.

S Q . F T . *

Retail

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

2 Beds | 2 Baths

B E D | B A T HU N I T

Lobby

1

2

3

4

5

6

7

8

9


T O T A L

PROJECTED CONDO DEVELOPMENTSales Analysis 13

Residents of Chelsea are graced with beauty and culture around every

corner. Whether you want to enjoy a lovely day outside at the world famous

Highline or a fun night out at Mario Batali’s Del Posto restaurant, Chelsea

has something perfect for just about everyone. This neighborhood has also

been the central hub for New York’s arts scene ever since Andy Warhol

burst onto the scene. Now, Chelsea has over 200 premium art galleries

ranging from small personal exhibits to the Gagosian Gallery. Chelsea

residents are also fortunate enough to have everything they could need

at the Chelsea Market. This former factory space transformed from

producing Oreos and Saltines into a magnificent food hall, shopping mall,

office building, and studio. Expanding over 15th and 16th street, Chelsea

market includes world famous eateries like Sarabeth’s, Eleni’s, and Fat

Witch. Prime location also allows Chelsea residents to explore the entirety

of New York with the 1, 2, 3, A, B, C, F, M, N, Q, R, and L subway lines all

being found within the neighborhood. With luxury high-rises, world class

entertainment, and access to anywhere in Manhattan, Chelsea truly is the

perfect spot to call home.

Closest Schools: District 2 P.S. 003 Charette School, P.S. 041 Greenwich

Village, J.H.S Simon Baruch, Sixth Avenue Elementary School

Chelsea Land Marks: Chelsea Market, The Highline, Chelsea Piers, The

Joyce Theater, The Upright Citizens Brigade Theater, Gagosian Gallery,

Rubin Museum of Art, The Pace Gallery, The Museum of FIT, Colicchio and

Sons, Blossom, The Highline Ballroom, Story.

Nearest Whole Foods: 250 7th Avenue.

CHELSEA

14 About Chelsea




1 - Fa m i l y42 0 ’ X 4 2 . 5 ’1 8 6 03 , 4 0 0 S q . F t .

R 8 B2 . 2 14 . 0 0

2 0 ' X 4 9 . 5 8 '9 8 7 S q . F t .0 . 0 2

189 EAST 7TH STREET EAST VILLAGE

This triple-mint townhouse recently underwent a $2 million dollar renovation and has been fully gut-renovated, top to bottom. Every detail imaginable and desired has been brought on to showcase the magnificence of this 20-foot-wide single family townhouse. The front facade has been uniquely refined with custom Porcelanosa White Persian Marble. The home presents a unique 4 bedroom, 4.5 bathroom combination, easily convertible to 5 bedrooms, for full accommodation.

Upon entering this beautiful townhouse, there are approx. 22-foot-high ceilings. Located on the first floor is a Poggenpohl’s custom chef’s kitchen with custom Statutori marble countertops. The kitchen offers a fully marble covered island, along with a Six Burner Wolf Range, Miele dishwasher, Viking fridge and modernized ez-touch cabinets. At the top of the home lies a private oasis, roof decked in custom Runnen Tiles, along with a Calcutta Stone front ledge and Statutori back ledge.

189 East 7th Street East Village 15



P R O J E C T E D R E N T *


C U R R E N T E X P E N S E S

S U M M A R Y

TWNHSE Quadplex


RE Taxes

Insurance

$52,193

$1,600

T O T A L $56,700

Potential Gross Income

Current Expenses


$204,000

$56,700

$147,300


$15,000 $17,000 $180,000

AS IS

Sales Analysis


$204,000

$204,0004 Beds | 4.5 Baths

16

189 EAST 7TH STREETFLOOR PLAN

E 8th ST

E 9th ST

E 10th ST

E 11th ST

E 12th ST

E 13th ST

E 6th ST

E 7th ST

TOMPKINS SQUARE

M15

M14

A

M9

M21

M14

B

M8

1st A

venu

e

Ave

nue

A

Ave

nue

B

Ave

nue

C

Ave

nue

D

189 EAST 7TH STREET

17189 East 7th Street Floor Plan

EAST VILLAGEThe East Village, NYC’s neighborhood located between Bowery and 14th

streets, has become a hotspot with the adventurous spirit that defines

downtown living. The East Village has everything from Michelin starred

restaurants like Momofuko Ko to retro-aged record stores like A-1 Records.

Other historical must-sees include the beautiful Tompkins Square Park and

illustrious St. Mark’s Place where residents can walk around and explore

the one-of-a-kind character of the East Village. Residents of the East Village

are within walking distance of the 6, L, and F trains giving them the ability to

take the adventure with them uptown.

Schools: District 01 P.S. 19, The East Village Community School, Tompkins

Square Middle School

East Village Landmarks: Tompkins Square Park, Saint Mark’s Place,

Momofuko Ko, BaoHaus, Shuko, The Merchant House Museum, Saint

Mark’s Church, Bowery Electric, Webster Hall

Nearest Whole Foods: East Houstan St. Between Bowery and Chrystie St.

About East Village18

JOHN W. CHANG , MBA

John W. Chang is an Associate Broker at Sotheby’s International Realty and founder of JWC LUXURY TEAM

One of the top brokerage teams in New York City. As the lead broker of the JWC LUXURY TEAM. Manhattan’s premier luxury real estate team, he specializes in listing aimed toward the international and high-end clientele.

John knows that finding the right home is more than getting a good deal - there is real emotional connection involved when it comes to where you live. That’s why it is his core principle to deliver a painless process based on the individual’s situation, need and goals, guiding you from beginning to end.

[email protected]

OVER 1 BILLION DOLLARS OF REAL ESTATE TRANSACTIONS

FOUNDER OF JWC LUXURY TEAM

LICENSED REAL ESTATE BROKER

CERTIFIED GENERAL APPRAISER

PROFESSOR OF REAL ESTATE AT BARUCH COLLEGE

AWARDED THE SENIOR GLOBAL ADVISOR DESIGNATION(TOP 1% OF ALL AGENTS IN THE WORLD)

19

Documents

PORTFOLIO SALE - LoopNet...Gramercy Park remains one of the most affluent neighborhoods in New York City, as it is still a top destination for residents and businesses. 320 2nd Avenue